China’s Jiangsu Sopo swings to H1 net loss on weak demand

29 August 2012 11:59[Source: ICIS news]

SINGAPORE (ICIS)--?xml:namespace>China’s Jiangsu Sopo Chemical Industry Shareholding said on Wednesday it swung to a net loss of yuan (CNY) 27.0m ($4.25m) in the first half of the year on the back of weak demand and falling caustic soda prices.

Jiangsu Sopo made a net profit of CNY7.47m in the same period a year earlier.

The company’s operating loss for the period was down by more than four times at CNY27.2m, according to the statement.

Jiangsu Sopo produced 52,400 tonnes of caustic soda from January to June this year, which represents 44.4% of its yearly target in 2012, down by 3.5% compared with the same period in 2011, according to the statement.

Furthermore, the company invested CNY28.5m in the construction of various projects in the first half of this year. An 80,000 tonne/year ion-exchange membrane caustic soda project cost CNY19.7m and it is 70% completed, according to the statement.

Jiangsu Sopo Chemical Industry Shareholding is a subsidiary of Jiangsu Sopo Group and its main products include caustic soda and bleaching powder.